By Harry Awurumibe, Editor, Abuja Bureau
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has announced the successful completion of its Share Reconstruction, a strategic action aimed at maximising long-term shareholders’ value.
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.
Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the Share Reconstruction exercise, Owen D. Omogiafo, President/GCEO of Transcorp Plc, said, “this share reconstruction is in line with the company’s corporate strategy and growth plan and is aimed at maximising shareholder value.
The reconstruction will bring the company’s capital structure to a manageable position”.
She insists that Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.
According to her Transcorp is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Omogiafo said Transcorp’s power businesses which includes Transcorp Power Plc and Transafam Power Limited currently provides over 20% of Nigeria’s installed power capacity.
She revealed that Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited.
Recall that the Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has the digital platform, Aura by Transcorp Hotels.
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